Between 100,000 and 150,000 clients of Hungarian banks failed to comply with stricter rules on identifying account ownership by the October 31 deadline, the oversight spokesman for the National Bank of Hungary (MNB) said, according to a report by Hungarian news agency MTI.
István Binder said on news channel M1 that payments from the accounts of those clients have been suspended, but only until they take the steps necessary for compliance.
Bank clients who opened accounts before June 26, 2017, when the stricter rules to prevent money laundering and the financing of terrorism came into force, must provide copies of personal identification and proof of residence documents as well as personal information to their banks. Clients must also make a declaration if they are a politically exposed person.
In the case of corporate clients, documents showing proof of business ownership must be resubmitted.
Lawmakers earlier pushed back the compliance deadline from June 26.